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Bajaj Allianz Life Insurance Co (BALIC) plans to get into ‘health and fitness’ and ‘pension’ products in a big way after a survey conducted by the insurer threw up retirement, fitness, and health among the key life goals of Indians, a top company official said.
“Our strategic intent will be to get into health, fitness and pension products in a big way. Our survey findings reinforce our faith in these segments. We will not have just one flagship product, but focus on having multiple products,” Tarun Chugh, Managing Director and CEO, BALIC, told BusinessLine.
Chugh said that BALIC had, till date, in its journey, only “kind of started” in the segments of fitness and health and pensions.
He was in the national capital for the release of the findings of Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019.
This is the company’s first survey to identify the life goals and aspirations of Indians, and how they are preparing to get them done.
This survey, with equal participation from salaried and self-employed people, was conducted by Kantar IMRB across 13 metros, Tier 1 and emerging Tier 2 cities. It threw up some interesting findings on Indians’ life goals.
A rising life goal of Indians is being an ‘entrepreneur’, where one in every 10 Indians wants to start something new or pursue a parallel career. This clearly highlights that new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks.
Retirement-related goals
Also, retirement-related life goals are becoming a priority, especially among Indian millennials. Two in five Indians have retirement-related life goals, more so in metros, where every one in two people have a retirement-related life goal.
Among Indian millennials, retirement-related life goals feature in the top five goals, and 42 per cent of the millennials consider it as their life goal.
One in three respondents cited focus on health and fitness as a life goal. One in three Indians have a health or fitness-related life goal. Being physically and mentally fit was among the top 10 life goals of Indians.
Asked if BALIC will look at offering indemnity-based health insurance products in the future, Chugh said the company was not averse to it and would do so if the IRDAI allows life insurers to offer such products. Meanwhile, BALIC has also come up with India’s Life Goals Preparedness Index, which stood low at 53. This is a function of confidence, knowledge, and most importantly action taken towards financial planning for their life goals. The preparedness index across India, age groups, and geographies stood in the 50s range.
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